Understanding your Payslip
Understand Your Payslip: A Quick Quiz
Are you confident about understanding your payslip? This quiz is designed to test your knowledge on the basics of wages, taxes, and national insurance. Knowing how your income is structured and the deductions applied is essential for financial literacy.
Take the quiz to learn more about:
- Gross and net pay
- Tax codes and personal allowances
- Workplace and state pensions
Gross pay is what?
The amount you have left after deductions
The amount you earn before any deductions
Added interest to items you purchase
: After Income Tax what are the two other forms of tax which contribute most to the economy?
National Insurance Contributions and VAT
National Insurance and Council Tax
Council Tax and VAT
Name the 3 areas which receive the most funding from Tax earnings
Social Protection, Health and Education
Health, Defense and Education
Transport, Social Protection and Housing
You can earn up to £12,500 before you have to pay income tax, what is that money referred to?
Tax Code
Income
Personal Allowance
What is a tax code?
It's a random number personally assigned to you
It confirms your personal allowance and how much you need to pay
It confirms how much you earn each year
When does the tax year start and end?
1st April to 31st March
6th April to 5th April
1st January to 31st December
What does the month signal on a payslip?
How many months into the tax year
The month of the year
How many months you have been in that job
A workplace pension is allowing you to do what?
Get a bigger salary each month
Save for your future and for when you retire
Have access to government funds when you retire
What is the state pension?
A monthly amount of money you receive from the government when you retire
Money you receive from the workplace if you work there for a long time
Benefits you can claim for unemployment
Why is your national insurance number important?
It proves your right to work in the UK
You can't vote without it
You need it to claim state benefits
All of the above
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